Rep. Paul Ryan (R., Wis.) said there is no doubt the U.S. faces a debt crisis and it stands to destroy the economy for the next generation of Americans Wednesday on "The Situation Room."
"We can't keep running up deficits like this," he said. "It will damage our economy deeply, and people are saying that we don't have a crisis on the horizon. Of course we do. We've got a debt that is on a tear right now, and if the debt takes off like it's projected to do, it's not only hurting our economy today, it's destroying it for the next generation. We just can't sit around and be complicit with that."
Wolf Blitzer also pressed Ryan about his plans for a 2016 presidential bid after the news that Sen. Rand Paul (R., Ky.) would soon visit Iowa.
"I'm going to make my mind up later," he said. "The reason why, I think I need to do this job. I'm the chairman of the Budget Committee when we have a budget crisis on our horizon. We've got to get these agreements done."
Full interview:
